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Quarterly Report Q1 2021

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Quarterly Report Q1 2021 Quarterly Report Q1 2021 1st quarter, 2021 Arcus ASA 2 Contents Message from the CEO ....................................................................................... 3 Key figures Q1 2021............................................................................................ 4 Highlights Q1 2021 ............................................................................................. 5 Wine: Continued growth and strong margins ..................................................... 6 Spirits: Solid growth across the Nordics ............................................................. 7 Logistics: Increased volume at higher cost .......................................................... 8 Financial position ............................................................................................... 9 Other information ............................................................................................ 10 Environmental, Social and Governance (ESG) ................................................... 11 Group consolidated accounts ........................................................................... 12 Notes ............................................................................................................... 17 Contact information ......................................................................................... 34 For important information for U.S. shareholders, please see “Important Information” on page 29. 1st quarter, 2021 Arcus ASA 3 Message from the CEO The financial results for Arcus ASA in Q1 were very strong. As in 2020, the strong financial performance is mainly a result of a new shopping pattern for wine and spirits due to Covid-19 restrictions. Strongly reduced travel and border trade, and restrictions on hotels, restaurants, and bars, have generated very high volumes in the Nordic monopolies and increased demand for Arcus’ products. Arcus has been well positioned to deliver on this demand thanks to strong product offering in the monopolies and the positive attitude and flexibility among our colleagues throughout the organization. WINE Revenue increased by 12.6 percent, driven by the extraordinarily high demand at Systembolaget and Vinmonopolet, and further boosted by the early Easter. In Sweden, our sales growth was stronger than the overall market, while market shares declined slightly in Norway vs. very strong comparables. In Finland, sales were lower than Q1 last year, mainly due to lost producers in 2020. Margins improved this quarter due to a favourable product mix with more Bag-in-Box sales and price increases to the monopolies, together with positive effects from stronger NOK and SEK versus EUR. The adjusted EBITDA margin for Wine was 15.9 percent for Q1 2021, compared to 9.7 percent in Q1 2020. SPIRITS Spirits delivered strong growth during Q1 with reported revenue 8.5 percent higher than Q1 last year. Revenue increased in all the Nordic markets. In Norway, sales of aquavit were especially strong prior to and during Easter. Sales of bitter and vodka increased as well. The continued strong sales in the Nordic markets largely made up for the lost volume in Duty Free Travel Retail. However, Arcus market share declined somewhat for several categories, as sales of well-known international brands have shifted from the travel retail channel to the monopolies during the pandemic. In Germany there was a decrease in revenue due to the Covid-19 restrictions, but Arcus’ products performed better out of stores than the rest of the market. The adjusted EBITDA margin for Spirits was 12.3 percent for Q1 2021, compared to 9.4 percent in Q1 2020. LOGISTICS Activity in Logistics is still very high, driven by strong sales at Vinmonopolet. In Q1 2021 revenues increased by 3.0 percent. Deliveries were smooth, even though volume by far exceeded the facility’s designed capacity. Despite the high activity, adjusted EBITDA in the first quarter was -4.3 MNOK, a decrease of 2.5 MNOK compared to the same quarter last year. The decrease is mainly explained by higher costs to handle the increased volume, combined with lower revenue per liter due to significant changes in channel and product mix. Adjusted EBITDA margin was -5.4 percent for Q1, compared to -2.3 percent in Q1 last year. Sigmund Toth Interim Group CEO Arcus ASA 1st quarter, 2021 Arcus ASA 4 Key figures Q1 2021 CONSOLIDATED GROUP FIGURES MNOK First quarter Year to date Full Year 2021 2020 2021 2020 2020 Total operating revenue 668.8 611.2 668.8 611.2 3 203.7 Gross profit1) 305.8 261.5 305.8 261.5 1 388.0 EBITDA1) 2) 80.5 66.7 80.5 66.7 445.5 EBITDA adjusted1) 2) 102.2 66.6 102.2 66.6 543.5 Pre-tax profit2) 26.7 54.3 26.7 54.3 274.3 Earnings per share, parentcompany shareholders (NOK) 0.25 0.67 0.25 0.67 2.89 Key figures Gross margin1) 45.7 % 42.8 % 45.7 % 42.8 % 43.3 % EBITDA margin1) 12.0 % 10.9 % 12.0 % 10.9 % 13.9 % EBITDA margin adjusted1) 15.3 % 10.9 % 15.3 % 10.9 % 17.0 % Equity ratio1) 28.4 % 32.3 % 28.4 % 32.3 % 28.8 % Financial position Total equity 1 646.0 1 871.4 1 646.0 1 871.4 1 803.1 Net interest bearing debt (cash)1) 1 665.3 1 868.6 1 665.3 1 868.6 1 576.0 1) Alternative Performance Measure (APM) – see separate chapter for definition and reconciliation. 1 1 Figures for Q1 2021. 2 EBITDA adjusted is EBITDA adjusted for non-recurring effects but is not corrected for foreign exchange effects. See separate chapter/note on APM for reconciliation. “Other” segment represents HQ and eliminations. *Segment elimination includes a positive IFRS 16 adjustment of 24.3 MNOK 1st quarter, 2021 Arcus ASA 5 Highlights Q1 2021 OVERALL PERFORMANCE • Operating revenue for Q1 2021 was 668.8 MNOK, compared to 611.2 MNOK in Q1 last year (+9.4 percent). Operating revenue increased for all business areas. Organic growth for Q1 was +8.2 percent (4.7 percent April YTD), with an estimated positive currency effect of approximately 7.0 MNOK (positive effect of stronger SEK vs. NOK larger than negative effect of weaker EUR and DKK vs NOK). • Adjusted EBITDA for Q1 was 102.2 MNOK compared to 66.6 MNOK in Q1 last year (+53.4 percent). Adjusted EBITDA improved in Wine and Spirits but declined in Logistics. BUSINESS SEGMENTS • Wine revenues amounted to 425.0 MNOK, compared to 377.3 MNOK in Q1 last year (+12.6 percent). Organic growth was +10.8 percent. Adjusted EBITDA margin was 15.9 percent for Q1 2021, compared to 9.7 percent in Q1 last year. • Spirits revenues amounted to 216.8 MNOK, compared to 199.7 MNOK in Q1 last year (+8.5 percent). Organic growth was +4.1 percent1. Adjusted EBITDA margin was 12.3 percent for Q1, compared to 9.4 percent in Q1 last year. • Logistics revenues amounted to 79.9 MNOK compared to 77.6 MNOK in Q1 last year (+3.0 percent). Adjusted EBITDA margin was -5.4 percent for Q1, compared to -2.3 percent in Q1 last year. OTHER INCOME AND EXPENSES Other income and expenses amounted to -21.7 MNOK in Q1. This includes -20.6 MNOK of non-recurring costs related to the announced combination between Altia Plc and Arcus ASA (including restructuring costs related to the merger process). Additional details are provided in the merger prospectus, which is available at https://www.arcus.no/en/investor. 1Calculated on external spirits sales 1st quarter, 2021 Arcus ASA 6 Wine: Continued growth and strong margins MNOK First quarter Year to date Full Year 2021 2020 2021 2020 2020 Total operating revenue 425.0 377.3 425.0 377.3 1 941.7 Gross profit1) 121.0 88.7 121.0 88.7 496.3 1) Gross margin 28.5 % 23.5 % 28.5 % 23.5 % 25.6 % EBITDA1) 64.9 36.3 64.9 36.3 276.7 EBITDA adjusted1) 67.5 36.6 67.5 36.6 289.1 1) EBITDA margin 15.3 % 9.6 % 15.3 % 9.6 % 14.2 % 1) EBITDA margin adjusted 15.9 % 9.7 % 15.9 % 9.7 % 14.9 % 1) Alternative Performance Measure (APM) – see separate chapter for definition and reconciliation. OPERATING REVENUE In Finland, the growth in Arcus’ sales to Alko were Total operating revenue for Wine was 425.0 MNOK below the market growth in the period. This is mainly for the first quarter, compared to 377.3 MNOK in Q1 explained by the effect from lost producers in 2020, last year. Organic growth was 10.8 percent (6.0 and strong comparables last year as the Arcus percent April YTD), while reported growth was 12.6 portfolio performed very well during the hoarding percent. Reported growth includes 6.3 MNOK in period in March last year. exchange rate effects from the stronger SEK vs. NOK during the quarter. EBITDA The adjusted EBITDA-margin for Wine was 15.9 The restrictions on travel and HORECA related to percent in the first quarter, up from 9.7 percent same COVID-19 still result in significant growth at the period last year. monopolies for the quarter. Volumes at the end of the quarter were more in line with last year, The EBITDA-margin improved because of the strong especially in Norway where volumes increased increase in revenues, significantly improved gross significantly in the last two weeks of March in 2020 margin and steady indirect expenses. when Covid-19 restrictions were implemented. The gross margin improved thanks to a favourable In Sweden, Arcus’ sales growth at Systembolaget was product mix with more Bag-in-Box sales, price above the strong market growth. Growth in the increases to the monopolies and positive currency existing portfolio, new agencies and tender wins effects with strong NOK and SEK against EUR and more than compensated for lost sales of own brands USD. to Systembolaget along the Norwegian border. In Norway, Arcus’ sales grew less than the fast- WINE growing market this quarter vs. very strong last year Arcus is the largest importer of wine in Norway, the comparables. Arcus’ strong position within the Bag- second largest in Sweden, and the sixth largest in in-Box format resulted in very strong market shares Finland. Arcus imports and markets agency wines, as during the hoarding in March last year, but this year well as Arcus brands.
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